VORNADO REALTY TRUST

Overview

Vornado Realty Trust is a real estate investment trust focused on owning, managing and developing commercial real estate, primarily office and retail properties, with a smaller residential portfolio. Its operations are centered on New York City, with major assets also in Chicago and San Francisco; Vornado characterizes its portfolio as 87% New York-centric and 78% office-centric.[1]+2

The company’s 2025 profile lists Manhattan holdings of 19.2 million square feet of office space, 2.3 million square feet of street retail and 1,331 residential units. For the year ended December 31, 2025, Vornado reported $1.810 billion in total revenues and 3,145 employees. Its stated corporate positioning is as an owner, manager and developer of office and retail assets; the reviewed sources do not identify a separate formal mission statement.[4]+4 [1]+7

Products & services

Vornado’s property offerings include office and street-retail space, residential rentals, and showroom and event space. At PENN 1, tenant amenities include more than 80,000 square feet of WorkLife Office Suites, a 53,000-square-foot Life Time fitness and wellness center, lounges and meeting facilities; its retail offering includes the LIRR concourse and PLAZA 33.[9][10]

THE MART in Chicago provides office, retail, showroom and trade-show space, with more than 250 showrooms, events and educational programming, and Design HQ workspace and conference rooms.[11] Vornado’s residential portfolio includes more than 1,600 New York City rental apartments.[12] Its BMS subsidiary provides engineering, janitorial, security and architectural-maintenance services to Vornado properties and outside clients.[13] [9]+9

Geographic presence

Vornado Realty Trust’s operations are concentrated in the United States, particularly the New York metropolitan area. Its 2025 annual filing states that approximately 88% of 2025 net operating income came from that region. The New York portfolio included 25.8 million square feet across 61 properties, with major concentrations in Manhattan office and street retail; the company also held an interest in Alexander’s, whose properties are in the greater New York area, including Queens.[14][15]

Outside New York, Vornado’s disclosed portfolio included THE MART in Chicago and three San Francisco properties: 555 California Street, 315 Montgomery Street, and 345 Montgomery Street. The filing’s at-share NOI table reports $949.4 million for New York and $162.5 million for Other, out of $1,111.9 million total; that table’s basis differs from the filing’s approximate 88% concentration statement.[16][17]

Vornado’s principal executive office is at 888 Seventh Avenue in New York City; its official contact page also lists an administrative office in Paramus, New Jersey. The reviewed disclosures do not provide employee distribution by location.[18][19] [14]+5

Business segments

Vornado Realty Trust reports two operating segments: **New York** and **Other**. For the six months ended June 30, 2026, New York generated $757.8 million of revenue, approximately 82.3% of the $921.3 million total; Other generated $163.5 million, or 17.7%. By NOI at share, New York contributed $488.2 million (84.7%) and Other $87.9 million (15.3%).[20]

**New York** is primarily a New York City portfolio, with office properties and related base retail, street retail, residential properties and Alexander’s. In the same six-month period, NOI at share comprised office and base retail of $358.4 million (62.2% of total NOI at share), street retail of $99.2 million (17.2%), residential of $13.7 million (2.4%) and Alexander’s of $17.0 million (2.9%).[21][22]

**Other** includes THE MART in Chicago, 555 California Street in San Francisco and other investments. Its six-month NOI at share included THE MART at $43.2 million (7.5% of total NOI at share), 555 California Street at $28.5 million (4.9%) and other investments at $16.3 million (2.8%). These property and activity categories provide additional operating detail; they are not separate reportable segments.[21][22] [20]+2

Company history

Vornado’s roots trace to the Two Guys retail business, founded in the mid-1940s. Two Guys acquired the Vornado fan company in 1959, bringing the Vornado name into the business. The company’s timeline places Vornado’s NYSE listing in 1962.[23] In 1979–80, Steven Roth and Interstate Properties took control of Vornado; under the new ownership, the company shifted from its struggling retail roots toward real estate.[23][24]

On May 6, 1993, Vornado, Inc. merged into Vornado Realty Trust as part of the company’s conversion to a real estate investment trust.[25] The trust expanded its Manhattan office holdings in 1997 through an acquisition from the Mendik Group, then broadened its portfolio in 1998 with the purchase of a substantial part of the Kennedy family’s real estate holdings, including Chicago’s Merchandise Mart.[26][27] In 2015, Vornado spun off substantially all of its retail segment into the newly formed Urban Edge Properties.[28]

Sources

• VORNADO REALTY TRUST — Full financial report (2025 Y)
  8 citations

  [1][4][5][6][14][15][16][17]
• www.vno.com[2]
• investors.vno.com[3]
• www.sec.gov[7]
• www.vno.com[8]
• www.vno.com[9]
• www.vno.com[10]
• www.themart.com[11]
• www.vno.com[12]
• www.vno.com[13]
• VORNADO REALTY TRUST — Full financial report (2026 Q 2)
  4 citations

  [18][20][21][22]
• www.vno.com[19]
• www.vno.com[23]
• www.vno.com[24]
• www.vno.com[25]
• investors.vno.com[26]
• investors.vno.com[27]
• www.vno.com[28]